With a firm commitment to close the deal, a bold vision and a strategic plan, we transformed The Corners – an underperforming asset with strong fundamentals – into a sought-after office location.
The LaSalle portfolio was comprised of five multi-story office buildings – four in Peachtree Corners and one in Johns Creek. For nearly two years, the seller had been in and out of contract with buyers who simply couldn’t perform. They were eager to sell.
When the opportunity was presented to us, the buildings were approximately 73 percent leased. Although they had been well-maintained, the Peachtree Corners buildings’ dated and drab interior and lack of current technology had made it challenging to attract new tenants.
We saw an opportunity to diversify our offering in the Peachtree Corners market and to capitalize on the area’s high growth rate. The acquisition would add two-story product as well as mid-rise, Class A office space to our single-story space at Lakeside, giving us the ability to offer multiple price points to prospective tenants.
Glenfield Capital acquired the portfolio in August 2014.
In less than a year, we completed an extensive renovation project at The Corners, the Peachtree Corners property. We invested more than $1 million in renovations and improvements, including the addition of state-of-the-art conference center. The renovations have already allowed us to increase rent for more than 50,000 square feet of space.